Question: Which of the following is considered the first step of the strategic brand management process?
A Measuring consumer brand loyalty
B Identifying and establishing brand positioning
C Measuring and interpreting brand performance
D Growing and sustaining brand value
Answer: Identifying and establishing brand positioning
| Steps of the strategic brand management process |
Description |
| 1 |
Identifying and establishing brand positioning |
Determine the unique value and position your brand will occupy in the minds of consumers within the target market. |
| 2 |
Assessing and understanding the target market |
Analyze your target audience, their needs, preferences and behaviors. |
| 3 |
Developing and communicating brand identity |
Create a consistent brand identity, encompassing the brand name, logo, tagline and other visual and verbal elements. |
| 4 |
Building brand awareness |
Implement marketing strategies to increase the visibility of your brand among the target audience through advertising, content marketing and social media campaigns. |
| 5 |
Managing and delivering brand experience |
Ensure that the brand consistently delivers on its promises and provides a positive experience to consumers. |
| 6 |
Measuring and interpreting brand performance |
Use various metrics to evaluate how well the brand is performing, including market share, customer satisfaction and financial indicators. |
| 7 |
Growing and sustaining brand value |
Continually work on enhancing the brand’s value and maintain the brand’s relevance and competitiveness. |
| 8 |
Monitoring and adapting to market changes |
Keep a close watch on market trends, consumer behavior, and competitive landscape and be prepared to adjust brand strategies to remain competitive. |
